STATISTICS: KYRGYZSTAN, FY2018: more than 83% of business generated by voluntary classes

In 2018, the insurance market of Kyrgyzstan saw growth of 8.79% y-o-y in local currency. GWP, generated by insurers, reached KGS 1.09 billion (EUR 13.65 million), as data published by the National Statistical Committee of the Republic show.

The growth in European currency looks more impressive (+12.26%) due to a favorable exchange rate of KGS based on its appreciation against EUR compared to 2017.

The majority of the portfolio was generated by voluntary classes, however, their share slightly decreased from last year (from 85.96% to 83.28%), while the share of compulsory insurance went up from 14.04% to 16.72%. The highest growth among voluntary segments was demonstrated by personal insurance (upwards of 22%), and the segments of compulsory insurance in 2018 showed significant uptrends, especially insurance of individual property (+30.75%).

According to the National Statistical Committee of Kyrgyzstan, 12 companies out of 19 recorded profit, totaling KGS 205.9 million, while loss for the other seven insurers reached KGS 28.3 million in 2018. Five companies on the market have 100% capital of non-residents (A Plus, ATN Polis, Arsenal-Kyrgyzstan, INGOSSTRAKH and Alma Insurance), one company has mixed capital (JUBILI Kyrgyzstan), and one insurance provider is state-owned.

Based on the market overview of Kyrgyz Association of Insurers, as of January 1, 2019, INGOSSTRAKH heads TOP-7 in terms of GWP. TOP-7 in terms of GWP, generated in 2018, also include JUBILI Kyrgyzstan, Insurance company KYRGYZSTAN, A Plus, ATN Polis, GSO and AYU Garant.